Falabella Peru Corporate Presentation

Transcription

1 Falabella Peru Corporate Presentation September 2017

2 CONTENTS FALABELLA GROUP FALABELLA PERU: GENERAL INFORMATION BUSINESS UNITS OVERVIEW CONSOLIDATED FINANCIALS

3 FALABELLA GROUP

4 Presence In 7 Countries In Latin America DEPARTMENT STORES HOME IMPROVEMENT SUPERMARKETS FINANCIAL SERVICES REAL ESTATE US$ 4.2 billion Revenues US$ 5.6 billion Revenues US$ 2.1 billion Revenues US$ 6.9 billion Loan Book 5 million CMR accounts 2.0 million GLA 1 19/21 Malls/power centers 44 Stores 305,000 m 2 85 Stores 715,000 m 2 62 Stores 206,000 m 2 2,388,000 active CMR cards 25 shopping centers 1,467,000 m 2 GLA 29 Stores 177,000 m 2 56 Stores 372,000 m 2 61 Stores 225,000 m 2 1,012,000 active CMR cards 14 shopping centers 517,000 m 2 GLA 26 Stores 175,000 m 2 38 Stores 366,000 m 2 1,039,000 active CMR cards 1 shopping centers 27,000 m 2 GLA 11 Stores 58,000 m 2 8 Stores 86,000 m 2 512,000 active CMR cards 56 Stores 158,000 m 2 3 Stores 25,000 m 2 COMING SOON! Recently launched Falabella Soriana credit card 1. Does not include an 964,000 m 2 of additional GLA in free standing stores in the region also owned by S.A.C.I. Falabella. Note: Revenues as of June 2017 LTM. Number of stores and sales area as of June Number of CMR accounts with balance. FX rate as of July 3 rd 2017 ( CLP/US$). Home Improvement includes Sodimac Colombia which the company does not consolidate. Does not include Uruguay revenue, which the company does consolidate. 4

5 Key Figures Main Figures TOTAL REVENUES (LTM) LOAN BOOK CMR ACCOUNTS STORES SHOPPING CENTERS US$ 13.2 billion US$ 6.9 billion + 4,950,000 2,868,000 m 2 sales area 2,011,000 m 2 GLA Mix by Country (LTM) Total Employees: ARGENTINA COLOMBIA 6% 25% BRAZIL 2% 6% REVENUE <1% URUGUAY 4% 20% PERU COLOMBIA 3% EBITDA ARGENTINA 15,700 29,500 50, ,200 PERU 60% 74% 5,300 Total: 105,200 CHILE CHILE Note: Revenue and EBITDA do not include Sodimac Colombia, which do not consolidate. CMR accounts with balance and employees as of June Total number of employees includes +200 employees in Asia and Mexico. 5

6 Invesment Plan Investment Plan As of January 2017 US$ 4.0 bn Remodeling and expansion of existing stores & malls 27% New stores & malls 42% 114 stores 9 malls Investment over the next 4 years IT, logistics & others 31% Investment (US$ million) Store and Mall Openings , Stores Malls Note: The investment plan includes 100% of expected capex for S.A.C.I. Falabella and subsidiaries, including Sodimac Colombia, Sodimac Mexico, CMR Mexico, which the Company does not consolidate. 6

7 FALABELLA PERU: GENERAL INFORMATION

8 Solid Country Macroeconomic Outlook Average Real GPD Growth ( 17E- 21E) Average Inflation Rate ( 17E- 21E) 4.2% 3.2% 3.2% 12.4% 2.5% 2.3% 2.1% 4.5% 3.7% 3.4% 3.1% 2.6% Source: Latin Focus Concesus Forecast January 2017 Formal and Informal Retail Penetration Source: Latin Focus Concesus Forecast January 2017 % of Retail Sales in Shopping Malls 51% 9% 37% 47% 58% 70% 26% 25% 91% 17% 63% 53% 42% 30% 10% Formal (% Sales) Informal (% Sales) Source: ILACAD World Retail and US Census Bureau for In/Formal Retail Market, SBIF Source: Planet Retail, International Council of Shopping Centers, Wall Street Research, ACCEP, A.T. Kearney. 8

9 Falabella Peru 2Q17 Falabella Peru GLA: 316,000 m MM CMR Tarjetas con saldo GLA: 201,000 m 2 Other Businesses: Corporate Revenues (US$ Millions) Corporate EBITDA (US$ Millions) 2,654 2,757 2,957 3,046 3,174 3, LTM 2Q LTM 2Q17 9

10 Evolution of Falabella Peru Q17 Tumbes Piura Amazonas Loreto Tumbes Piura Amazonas Loreto Lambayeque Lambayeque Cajamarca San Martín Cajamarca San Martín La Libertad La Libertad Áncash Huánuco Áncash Huánuco Pasco Ucayali Pasco Ucayali Lima y Callao Junin Madre de Dios Lima y Callao Junin Madre de Dios Huancavelica Cusco Huancavelica Cusco Ica Ayacucho Apurimac Puno Ica Ayacucho Apurimac Puno Arequipa Arequipa Moquegua Moquegua Tacna Tacna 10

11 Samples of Openings / Acquisitions Maestro Home Center - Acquisition Saga Falabella Centro Cívico Hiperbodega Precio Uno Open Plaza - Huancayo 12

12 FALABELLA PERU: BUSINESS UNITS OVERVIEW 16

13 Department Stores Business Overview Over 50 years of strong performance with world-class operating techniques. Strong brand recognition across the country, with 29 stores* (13 out of Lima). Market leadership supported by elements that ensure success in the industry: Attractive locations and format Large product mix Loyal costumer base Powerful exclusive brands Highlights Industry leader by market share** Number of workers, # 8 GPTW 2016 #1 in Average Quarterly Sales per SQM, 2Q17 Average SQM per store, 2Q17 >50% 8.2 M 398 USD/Month 6.1 M Revenues (US$ million) 1,200 1, Overview Q Q16 2Q17 Area (M SQM) SSS 9.8% 8.7% 5.9% -0.7% -1.2% -1.6% 0.2% Stores *Includes Crate & Barrel. // **Considered Ripley, Oechsle, Saga Falabella. 14

14 Supermarkets Business Overview Started operating in 2002 as part of Saga until it was spun off in June HT is dedicated to grocery retailing, consumer goods, household appliances, among others. 61 stores strategically located across the country (25 out of Lima)*. Strong growth and leadership supported by elements that ensure success in the industry: Large product mix Attractive locations and new store formats Strong brand positioning Quality products at the lowest price Highlights Market share* as of 2Q17** Number of workers, #13 GPTW 2016 #1 in Average Quarterly Sales per SQM, 2Q17 Average SQM per store, 2Q17 28% 10.2 M 378 USD/Month 3.7 M Revenues (US$ million) 1,200 1, , Overview Q17 Area (M SQM) SSS 10.3% 14.4% 6.9% 5.1% 0.7% -1.5% -0.2% Q16 2Q17 Stores *Includes Hiperbodega Precio Uno. **Considered Supermercados Peruanos, Cencosud, Hipermercados Tottus. 15

15 Home Improvement Business Overview Items for construction, repair, equipment and decoration of homes. 56 stores strategically located across the country (27 out of Lima)* 26 Sodimac stores (14 out of Lima) 30 Maestro stores (13 out of Lima) Leadership supported by elements that ensure success in the industry: Competitive prices in all product segments Excellent costumer service Highlights Industry leader by market share of formal market Number of workers*, 2016 GPTW Sodimac (#10) & Maestro (#9) #1 in Average Quarterly Sales per SQM, 2Q17 Average SQM per store, 2Q M 236 USD/Month 6.6 M Revenues (US$ million) 1, Overview Q17 Area (M SQM) SSS 9.8% 13.8% 7.3% -3.4% -3.4% -4.8% 0.3% 200 Stores Q16 2Q17 * Considers Sodimac & Maestro 16

16 Real State Business Overview Locations Open Plaza and Mall Plaza are dedicated to the development and management of malls, with at least a couple of stores from the retail businesses. There are two types of formats of Open Plaza: 07 Power Centers 06 Shopping Malls Together they are the second largest operator in Piura Chiclayo Trujillo Cajamarca Pucallpa Huánuco Huancayo accordance with gross leasable area*. Canta Callao, La Marina, Bellavista Atocongo, Angamos Cayma Highlights Open Plaza maintains a leasable area of approximately Mall Plaza maintains a leasable area of approximately 316 M SQM 201 M SQM Net selling area and number of stores Q17 Area (M SQM) Number of malls Open Plaza Mall Plaza *Source: ACCEP - Los Centros Comerciales en el Perú

17 Financial Services Business Overview Banco Falabella arises from the transformation of Financiera CMR into a commercial bank. CMR cards are its main product; however, the bank is fostering new products and expanding card usage though the Visa network. Important synergies with the retail business allow to maintain the dynamic growth in the business activities of the group. Growing focus on expanding the available portfolio of products and services targeting their customer base. Highlights % of total sales paid with CMR for SF, HT, SD as of 2Q17 #3 bank in revolving consumer credit, by market share* Average duration (months) Average loan (USD) 37.3% 19% 8.3 1,163 Financial Indicators (US$ million) 1,500 1,250 1, *Source: SBS as of July 31th, ,029 1,146 1,186 1,214 1, Q16 2Q17 Total Loans (USD MM) Total loans (MM USD) Open accounts w/balance (M) Average loan (USD) Loans Portfolio Q ,146 1,186 1, ,018 1,057 1,048 1, ,014 1,084 1,132 1,163 18

18 FALABELLA PERU: CONSOLIDATED FINANCIALS 22

19 Consolidated Statements Income Statement USD Million 2Q17 % Rev. 2Q16 % Rev. Var.% Revenues 1, % 1, % 5% COGS ( 1,107) -69% ( 1,059) -69% 4% Gross Profit % % 5% SG&A ( 338) -21% ( 333) -22% 1% Operational Income % % 13% Depreciation + Amortization 55 3% 49 3% 11% EBITDA % % 13% Other Income / (Expenses) 2 0% 3 0% -44% Net Financial Income / (Cost) ( 33) -2% ( 31) -2% 5% Profit / (Loss) in Associates 1 0% 5 0% -89% Exchange Rate Differences 4 0% 2 0% 68% Gain on financial derivative instruments / (Los ( 2) 0% ( 2) 0% -4% Net Profit Before Taxes % % 11% Income Taxes ( 25) -2% ( 22) -1% 18% Net Profit / (Loss) % % 10% Note: All dollar figures are calculated based on the observed exchange rate as of March ( PEN/USD) and March (3.328 PEN/USD) NM : Not Meaningful 20

20 Consolidated Statements Balance Sheet USD Million 2Q USD Million 2Q Cash & Cash Equivalents Accounts Payable Loans Others Financial Liabilities Accounts Receivable Others Inventories Others Total Current Assets 1,820 1,716 Total Current Liabilities 1,377 1,418 Non Current Loans Others Financial Liabilities 1, Other Receivable Others PPE 1,833 1,766 Intangible Assets Goodwill Others Total Liabilities 2,443 2,584 Total Non Current Assets 2,595 2,588 Total Equity 1,820 1,720 Total Assets 4,415 4,304 Total Liabilities & Equity 4,263 4,304 Note: All dollar figures are calculated based on the observed exchange rate as of March ( PEN/USD) and March (3.328 PEN/USD) 21

21 Financial Situation Leverage (times) w/ Banking Operations Debt By Type 1 w/o Banking Operations Debt By Maturity 1 w/o Banking Operations 1.69x 26% 26% 1.50x 1.43x 74% 74% Jun-16 dic-16 Jun-17 Financial Institutions Public Bonds Short Term Long Term Financial Debt w/o Banks 1 : US$ 1,048 MM Duration 1 : 2.5 years Debt Profile (US$ million) 1 w/o Banking Operations 305 Total Debt: US$ 1,048 MM Others Note: All dollar figures are calculated based on the observed exchange rate as of June : PEN/US$. 1. Does not include accrued interests 22

22 Falabella Peru Corporate Presentation September 2017